Solar Energy Systems Closes IPO OversubscribedJanuary 22, 2001 by Jeff Shepard
Solar Energy Systems Ltd. (SES, Australia) has closed its $5 million IPO and was oversubscribed. SES started trading on the Australian Stock Exchange on January 12, 2001. The company, which manufactures and installs pumping technologies and remote area power systems that use solar photovoltaic panels, had an initial stock offering at $0.25 Australian dollars per share, or $0.14 US dollars.
“We are delighted with the market response to our IPO, particularly during a tough period for technology stocks," commented SES chair Cathy Zoi. “SES has attracted some substantial investment from Australian and European institutional funds, along with a broad cross section of the Australian public. The company put forward a strong business case, has rapidly growing sales and has the added bonus of being a socially responsible investment." Zoi added that the company's sales in the last year have doubled.